What is happening in the coming weeks at a political level? What do the meaningful vote outcomes mean for AWMs? Are AWMs able to rely on Article 50
being cancelled and the Brexit process being halted? What does a ‘no-deal’ Brexit mean for AWMs?
PwC’s FS Tax Forum, held in London on 20 November, discussed how financial services businesses must begin to rethink their operating models as tax systems change around them.
What most concerns tax professionals in financial services as they survey the outlook for the months and years ahead? Above all, it is the realisation that incremental change will not be enough to ensure their businesses remain fit for purpose given the pace and scale of the transformation confronting them.
PwC’s Tax Forum, held in London on 20 November, discussed how the proliferation of big data, to which tax authorities have increasing access, exposes financial services organisations to new tax risks.
It has become fashionable to describe data as the new oil, such is the value to organisations of the information they are now able to collect, store, manage and mine for insight. But it’s often forgotten that oil is a tough business, dirty and accident-prone; so too does data expose financial services companies to new dangers – and tax now has to be at the forefront of managing this risk.
What do we mean by data in this context? The reality is that all the data held by a financial services business is relevant data from a tax perspective, particularly where there is some form of dispute with the tax authorities. HM Revenue & Customs is entitled to ask for data of any kind – a VAT inquiry, say, may well pull in data that will subsequently be useful for personal or corporation tax inquiries.
PwC’s FS Tax Forum, held in London on 20 November, considered how the disruption of the financial services industry by new technologies could affect its tax profile.
Disruption has become a fact of life for financial services companies, whether in banking, insurance or asset and wealth management. Delegates to PwC’s Tax Forum were under no illusions about the transformation to come: in a poll conducted at the event, 88% said they expected technology to change the operating model of their businesses either moderately or significantly in the years ahead. But as the industry’s value proposition begins to shift, what will that mean for the way in which value is taxed?
At PwC’s FS Tax Forum, held in London on 20 November, delegates looked ahead as the pace of change in tax continues to accelerate
After a decade of change, spanning everything from a new base erosion profit shifting (BEPS) regime and heightened transparency requirements, to US tax reform and the emergence of the EU as a key player in setting international standards, the tax functions of financial services businesses could be forgiven for thinking they’re due a break. No such luck: the next few years will see yet more transformation for both direct and indirect tax systems – and firms must be prepared for this change.
Delegates to PwC’s tax forum are not expecting to rest on their laurels. While most do not expect fundamental international tax reform in the near future, 67% are anticipating further reforms in the years ahead – and two-thirds of them worry such changes are likely to be for the worse for their firms.
Has the financial services industry reached an inflection point? If the 10 years since the financial crisis could be characterised as the decade of regulation, then the 10 years to come will be the decade of digitalisation. Everywhere you look within financial services, disruption is the order of the day: across the industry, businesses are rethinking their business models – and their core value propositions – as new technologies offer exciting new opportunities and create new threats.
PwC’s Asset and Wealth Management (“AWM”) Brexit Conference, held in London on 25 September, considered how asset managers will have to rethink their product ranges in the post-Brexit landscape. We asked ‘what are the challenges and opportunities?’
It is our pleasure to invite you to our Brexit event on Tuesday 25th September. With only 6 months to go before the date of Britain's exit from the European Union and no immediate clarity on what the post Brexit landscape will look like, this "deep dive" half day session will tackle the practical questions asset managers are currently facing.
PwC’s annual tax conference, held in London in May, considered how asset managers are affected by the OECD’s initiative to tackle tax avoidance, Base Erosion Profit Shifting, and similar regional and local tax initiatives being adopted.
We all know that budgets are stretched, but despite this our clients are still focusing hard on operational taxes. Now more than ever there is significant push/pull to get it right. Interested parties include investors, regulators, accounting authorities, tax authorities and directors.
The flyer highlights what the US tax reforms mean at a practical level for asset manageres. What does it mean for asset manager US operations’ locations; legal form; compensation structures, and debt in US deal structuring? Hopefully our article helps guide you through the changes and this will also be the focus of one of our upcoming conference sessions.
The need for Trustees to properly consider the mitigation of tax leakage is now perhaps more pressing than ever before. This hub brings together the current hot topics and tax matters affecting pension schemes and savings products in the UK.
US Tax Reform could give rise to sweeping, complex changes for companies with a US footprint. To help you stay informed, we'll be updating this hub with all the latest comments and analysis as the situation develops.
PwC’s Asset Management Tax Conference saw delegates discuss the increasing pressures on asset managers in response to tax and regulatory requirements and the consequent evolution of the tax function in a modern asset management firm. Their conclusion? The tax function of the future will look very different.
Over the last few years, the transfer pricing and more widely the international tax landscape have seen historic changes that have created significant uncertainty for asset managers. This is due to legislative and regulatory changes as well as the prevailing economic circumstances.
Almost 25 years after the first anti money laundering (AML) regulation introduced financial services companies to the idea they must ‘know your customer’ – the KYC bar has never been higher, both in the UK and globally.
Asset and wealth managers operating across the EU must now begin to implement their plans to respond to the formal triggering of Article 50. Firms are considering possible worst-case scenario outcomes, what that would mean for their business and what no-regrets actions can be prioritised.